Penn Virginia Corp. (fka PVAHQ)

[makinezmoney]

What a Move on Penn Virginia Corporation (OTCMKTS:PVAHQ)


BY JAMES ELLIOT ON AUGUST 3, 2016

MICRO CAP INSIDER, SMALL CAPS


Penn Virginia Corporation (OTCMKTS:PVAHQ) saw a recent pop in price since trading as low as $0.012in recent days. PVAH was delisted from the NYSE on January 13 for failing to meet the exchange’s minimum $1 bid requirement. On May 12 the Company filed for chapter 11 and the stock hit new lows.

CEO Edward B. Cloues, II said at the time “Like many other exploration and production companies, Penn Virginia has been significantly affected by the recent and continued dramatic decline in oil and natural gas prices. We believe using the chapter 11 process is the most efficient way to achieve our financial objectives and deleverage the Company’s balance sheet,” said Mr. Cloues. “The ongoing commitment from our valued business partners and hard-working employees is a testament to the strength of our organization, and we sincerely appreciate their loyalty and support.”

Penn Virginia Corporation (OTCMKTS:PVAHQ) is an independent oil and gas company engaged in the exploration, development and production of oil, NGLs and natural gas in various domestic onshore regions of the United States, with a primary focus in the Eagle Ford Shale in south Texas.

Like many small oil and gas producers PVAHQ is a victim of the massive drop in oil prices; the Company sold of some non-core assets to avoid bankruptcy; in October they sold certain South Texas assets to an undisclosed buyer for gross cash proceeds of $13 million.


The divested properties are located in far southwest Gonzales County, Texas, a significant distance away from our main acreage block, and include three producing wells with September 2015 net production of approximately 250 barrels of oil equivalent (BOE) per day, approximately 950 net developed acres and estimated mid-year 2015 proved developed reserves, as determined by third party engineers, of approximately 595,000 BOE. Following the sale, we still hold leasehold interests in 100,400 net acres in South Texas, including approximately 52,500 undeveloped net acres.

PVAHQ single largest shareholder is billionaire George Soros fund Soros Fund with 6 million shares, or 8% of the Company. The Soros fund has been in and out of PVAH since around 2009. Back in June they criticized PVAH for selling convertible preferred stock and rejecting the Soros firm’s suggestion to offer executives financial incentive to sell the company.

On May 12 PVAHQ announced it and certain of its subsidiaries have filed voluntary petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division, to facilitate the deleveraging of their consolidated balance sheet through a prearranged restructuring that will reduce the Company’s long-term debt by more than $1 billion.

In connection with the chapter 11 filing, the Company announced its entry into a restructuring support agreement with holders of 87% (or $1.03 billion) of the Company’s nearly $1.20 billion in total funded-debt obligations. Subject to Court approval, the Company has received a commitment for $25 million in debtor-in-possession (DIP) financing from its RBL lenders, which combined with the Company’s cash reserves and cash from operations, is expected to provide liquidity throughout the chapter 11 process. Additionally, the Company has obtained a commitment for up to $128 million in exit financing from its RBL lenders, led by Wells Fargo as agent, as well as a $50 million rights offering that is backstopped and supported by certain of the Company’s senior unsecured noteholders.

[makinezmoney]

Revision coming this week


Penn Virginia Reaches Settlement With ShareholdersFont size: A | A | A
3:41 PM ET 8/2/16 | Dow Jones
By Lillian Rizzo

Penn Virginia Corp. struck a deal with shareholders to stave off a possible battle over the oil and gas explorer's restructuring.

In a letter to the judge overseeing the case, Penn Virginia's lawyer said it reached "a comprehensive settlement" with shareholders and would file a revised version of its restructuring plan this week.

The settlement puts to rest the shareholders' call for the appointment of an official committee to represent their interests in the case, which would have required Penn Virginia to foot the bills of the shareholders' lawyers and other advisers.

Court papers show the shareholders withdrew their request for a committee on Monday. Shareholder lawyers declined to comment on Tuesday.

The company's current reorganization plan would cancel its existing shares, leaving investors without any payment. Bankruptcy laws generally bar shareholders from recovering any of their investment unless all a company's creditors are paid.

Last month, Penn Virginia's shareholders sought official committee status so they could investigate the alleged "disappearance of $2.7 billion in value represented by the debtors to the investing public just a year and a half ago."

The shareholders also asked for further documents related to the company's valuation to determine if they really would be "out of the money" at the end of the restructuring.

A hearing on the shareholders' request for committee status was scheduled for this month. Previously, however, Judge Keith Phillips of the U.S. Bankruptcy Court in Richmond, Va., denied the shareholders' call for Penn Virginia to turn over more documents to the shareholders, citing the additional cost to the company.

While the investor group said it expected the cost for producing the documents to run between $200,000 and $500,000, Penn Virginia estimated it would cost $922,805.

Penn Virginia filed for chapter 11 protection in May after negotiating a restructuring deal with lenders. It halted drilling and performed a series of layoffs and other cost-cutting measures because of plummeting oil and gas prices. The Radnor, Pa., company is one of the largest oil and natural gas drillers in the Eagle Ford region, and drills in Oklahoma and Pennsylvania's Marcellus Shale.

Katy Stech contributed to this article.

Write to Lillian Rizzo at [e-mail]

> Dow Jones Newswires

August 02, 2016 15:41 ET (19:41 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.

[jylee]

Soaring, what do you see happening with this settlement?

[makinezmoney]

Very nice

[Prosper/high]

.0000 bankrupt worthless shares nothing stock $00000

[Prosper/high]

pvahq Wiped Out Shares cancelled and worth nothing

[Prosper/high]

pvahq done it's over zero bid coming

[gm99]

All PVAHQ shares will be Cancelled and Wiped out!

[Prosper/high]

pvahq .0001 Fraud Scam bankrupt zero future none

[Soaring16]

Could result in canceling or prolonging the BK. The objection is not just to a small portion of the BK but to almost the entire plan.

1. PVA has not filed complete tax returns since 2013 and IRS does not have enough information to know what is owed.
"failing to file the required returns, the Debtor has made it not possible to determine the priority claims with precision"

2. IRS does not like the clause where persons involved in the process will be excluded from future claims.
"The Internal Revenue Service objects to the Amended Plan to the extent that may attempt to improperly exculpate individuals"

3. Claim of $1.5 million has not been paid.

4. attempt to expand the jurisdiction of the Court, and applicable law.
"Determination of federal tax matters are determined exclusively by federal law."

This could revert to chapter 7 in a heart beat as the debtors will not like the item in #2 as it opens them up to further litigation.
Depending on your view point of REAL value, this could be a big win for shareholders. You can bet the IRS is going to insist on more financial information and they have the resources to compel that information.

In addition, we have yet to hear from the SEC and Environmental protection agency.

[TG101]

Woh. Did you guys see Docket #468- IRS objection of the plan? Could be a serious game changer. Things could get very interesting from here on out.

[Soaring16]

Things are heating up big time...

This has now started to get press coverage....
Read the entire document.

Doc 422

http://dm.epiq11.com/PVA/Docket

[cheapdude123]

I've been in and out of this one a couple times - back in now. Here's what I don't understand -

Wall Street Journal June 16 2016

The judge overseeing oil and gas producer Penn Virginia LLC’s bankruptcy approved a restructuring deal that would enable the struggling company to take in $50 million by selling new common stock.

So, if the judge allows them to sell new common stock, would he not be against them wiping out the same commons that he approved the sale of stock to?

Anyone with some more experience on this?

Thanks.

[Soaring16]

Attention Current Shareholders of PVA

I am a member of the equity committee in the Penn Virginia bankruptcy case.
Since the formation of the committee, we have done a lot of hardwork and gone through
hard-fought battles on behalf of all the shareholders.
Our attorneys have done a superlative job representing all the shareholders.

We are now at a stage where we would like to have as many shareholders as possible
to join us in the fight. The more shareholders join together, the stronger our case
in the court is, the better our chances are to get a recovery from this bankruptcy.
I ask all shareholders to please join us by sending an email to equity_committee1 or web4search (both are yahoo email IDs).
No contribution is required.

Please send your emails ASAP, and no later than Tuesday.
Please send your emails in the following format, and please note that this will be a legally binding oath that will be provided to our attorneys.

I, _________ hereby state under penalties of perjury, that

(i) I hold [___]shares of common stock issued by Penn Virginia Corporation;
(ii) My first purchase was on [ ] at [pricing].
(iii) I reside at [_______], and my telephone and email addresses are __________.


Dated:

_______________

Name:

[Soaring16]

409-412

http://dm.epiq11.com/PVA/Docket

[ConstructionKing]

I said good for u. In other words congrats. Why is everyone got their feelings stuck out. Can't you take a compliment.

[hondaboost]

Bought tons at $0.02 and sold at $0.12, 600% gains aren't good enough?

[ConstructionKing]

Good for u.

[Soaring16]

Congrats on the 600% gain but you may have sold out too quick..
You'll be glad you held onto some stock

[hondaboost]

Thanks. Sold half this morning for 600% gains and leave the rest free shares to float, amazing run from $0.02!

[DeafTrader2]

Congrats hondaboost ...


big gifts to you since .02 pps

[DeafTrader2]

I am sorry ... What is this really about ? Will this ticker be revoked and discontinued just alike FWMHQ ?

[Soaring16]

http://dm.epiq11.com/PVA/Docket

Doc #'s 317 and 318 drawn your own conclusions

[SAUDI33]

PVAH

http://www.bloomberg.com/news/articles/2016-06-23/energy-investors-celebrate-price-rebound-then-call-the-lawyers

[Soaring16]

Washington Post Article

http://washpost.bloomberg.com/Story?docId=1376-O92Q7I6JTSEL01-3USMNB68G7BH5BSM5H38U0MD6N

[hondaboost]

PVAHQ, Good run. Bought tons at $0.02's, now 120% gains! Go, go, Go!!!!

[DeafTrader2]

I know why ! There arent many flippers joining this ticker since fear of being wiped out according to the BK filing. This stock is going up where there arent many unwanted and annoying touts and shorts present.


Inspite of today's stock movement, this is still a strong avoid ticker.

[toxzl2]

Why this stock gapped so much?

[Franyeld]

+125%
gap closed
sell if you were in and buy in later on further support / confirmation / news rumor


might be smt happening on BTC$ , multiple block exchanged lately premarket and ah , put it in your watch on a break of 0135 014 it will possibly run hard

[We777]

Any news on what's happening with us common stock holders ?

[We777]

Any news on what's happening with is common stock holders ?

[We777]

Hello I am a stock holder I just found all of this and would like to be involved I messaged the web4search yahoo. Please email me back @ wesellall777@gmail I would like to be involved and help however I can. Thank you.

[Franyeld]

pvahq os getting locked IMO ( for a quite big run up , before settlement )

[DeafTrader2]

W T F


W T F


W T F


W T F



Why why am I NOT in this NO FKING BRAINER investment...


This go way up higher than ever expected ... WHO PUMPED IT ???

[Full Contact Yoga]

I like trading Qs, but commons will eventually be worthless. Until then, trades should continue IMO.

[Volkan07]

Sweet !!!! $$$$

[DeafTrader2]

Some of you are brave to invest this ticker ... congrats. This is flying way up to where it fell last week.

[eq_c]

The debtors' current Plan proposes to cancel all existing common shares. Unless there are objections, it will be implemented and all common shareholders will get nothing. However, I strongly believe that that the debtors have severely undervalued the company's assets, for two straightforward reasons:

1. Eagle Ford is the best shale play in the country, and Penn Virginia has the best acreages in Eagle Ford.
2. At the time of the company's asset impairment write-down, crude price was in the $20's. As of today, crude price has improved to close to $50, nearly doubled during the interim.

As importantly, a preliminary review by our legal counsel has revealed that the debtors have taken some unusual actions that warrant further investigations.

Once our counsel starts rigorous formal review of the debtors' proposal and their actions and inactions, a lot more will be discovered and investigated to protect us. Our chances of having the debtors' plan altered to include distribution to shareholders are very good in my estimation. This is my belief and also the belief of the group currently assembled. If you share our belief, please join us by sending an email to web4search at yahoo or equity_committee at yahoo. The more shareholders join together, the stronger we become.

[eq_c]

A group of us Penn Virginia shareholders is organizing an Equity Committee to protect our interests in the court. If you are interested in participating, please email to equity_committee at yahoo or web4search at yahoo. We will add you to a mailing list that we are using a mailing list to exchange info, discuss strategies and actions.

[bbeachfront]

anyone here taking a chance and buying thinking common won't be wiped out? is it true the ppl who worked on swift deal are working here and there is a chance common won't be wiped? Whats a roll of a dice for 100k shares, peanuts if there is a chance but to me looks like common will def get wiped but heck on this stock it's been nothing but guessing.

[shortorlong]

Yes, no doubt. Soros didn't lose a dime. He will be compensated in new company shares. Oil is on it's way up, Soros new shares will go up too. Good to be a fat cat meow

[cjmeyer]

On its way down to zero.Management did a nice job screwing over the commons.Wonder what kind of candy they threw out to Soro's and company

[ConstructionKing]

Sub penny soon

[Buster123]

A couple on yahoo board who thought they had a gold mine here are crying along with a lot of us on this board. One of them was always buying and the other one sold and bought Sdoc. Neither of them had a clue. Myself included. I lost a good deal. It was fun while it lasted

[mimimumu]

No, usually it's a whole new ticker.

[Full Contact Yoga]

If the agreement is approved and goes through the process as described, common shares will be nullified.

[ConstructionKing]

Ask getting thick now

[DeafTrader2]

IF I am holding PVAHQ and after it was wiped out, will this ticker come back after the Q symbol removed and after the BK is exited at the end of this summer ??? wondering ... mmm

[Full Contact Yoga]

I have Etrade, TD, Scott, and IB from over the years. E trade for most trading, especially OTC. TD because I like the platforms and paper trades, plus it's free to keep and costs to close. Scott is old and a retirement rollover, fine for buy and hold or trades over $1, expensive for under $1, they block stuff, and the fills aren't always great. I used to use only TD, but they chill stocks or place weird buy restrictions and it became frustrating, same with Scott. Etrade seems to never say no and is more like a direct broker IMO, better fills, better access to funds, etc.. I opened IB a long time ago when I thought I would short more often, but rarely do. I keep it simply because it's open and I was able to remove most of the money without penalty. Every so often, I will short something with IB, but never at these levels, too rich and too risky for my blood, I'm more a $1.50+ comfort zone, and, like I said, rarely at that. I'm familiar with some of the others and have tried a few, but sub $1 stocks narrow the field pretty well and IMO Etrade is a pretty solid choice, not bad for shorts sometimes either.

[caffrey]

what brokerage do you use?